Michigan Compiled Laws
230-1987-4 - Chapter 4 (331.1401...331.1415)
Section 331.1412 - Corporation Obligations; Statutory Provisions to Which Issuance of Obligations Subject; Legality.

Sec. 412.
(1) Except as provided in subsection (2), the corporation obligations shall not be subject to the provisions of the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821. The issuance of corporate obligations described in this subsection is subject to the agency financing reporting act.
(2) Corporate obligations for which a local governmental unit pledges its full faith and credit to guarantee payment are subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.
History: 1987, Act 230, Eff. Feb. 27, 1988 ;-- Am. 1988, Act 502, Eff. Jan. 1, 1989 ;-- Am. 2002, Act 395, Imd. Eff. May 30, 2002

<< Previous

Next >>

Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 331 - Hospitals

Act 230 of 1987 - Municipal Health Facilities Corporations Act (331.1101 - 331.1507)

230-1987-4 - Chapter 4 (331.1401...331.1415)

Section 331.1401 - Board of Trustees or Subsidiary Board; Power to Borrow Money and Issue Notes; Resolution; Applicability of Revised Municipal Finance Act.

Section 331.1402 - Corporation or Subsidiary Corporation; Additional Powers; Prohibited Conduct.

Section 331.1403 - Corporation or Subsidiary Corporation; Additional Powers; Refinancing or Refunding Indebtedness; Redemption; Limitation; Determination of Board of Trustees or Subsidiary Conclusive; Exception.

Section 331.1404 - Corporation Obligations as General Obligations of Issuing Corporation or Subsidiary Corporation; Corporation Obligations Neither Local Governmental Unit nor State Debt.

Section 331.1405 - Provisions of Resolution Authorizing Issuance of Corporation Obligations as Part of Contract.